India's Steady Russian Oil Imports Amid US Pressure
India's oil imports from Russia have shown remarkable resilience in September, with deliveries at Indian ports exceeding those of the previous months. Despite growing rhetoric from the United States regarding India's oil purchases from Moscow, Indian refiners have continued to secure crude, highlighting their determination to find the best deals available. This trend indicates a significant reliance on Russian oil, which has helped India save money amidst rising global prices.
The data shows that from September 1 to 16, India imported approximately 1.73 million barrels per day (bpd) of Russian crude. This is a notable increase compared to July and August, which recorded imports of 1.59 million bpd and 1.66 million bpd, respectively. Analysts suggest that while crude loadings from Russian ports may have slightly declined, they remain stable, with many tankers on their way to Indian ports.
Industry experts have indicated that the contracts for these Russian crude imports were finalized weeks prior, during a period when US President Donald Trump criticized India’s oil purchases. This raises questions about the future of Indian imports as the situation evolves. Observers believe that the deliveries in late September and October will provide further clarity on any potential impact from US tariffs imposed on Indian goods.
Despite external pressures, India has maintained its position, emphasizing its right to purchase oil from the best sources available, as long as it is not under sanctions. Currently, Russian oil constitutes more than a third of India's total crude imports, a significant increase from less than 2 percent before the Ukraine invasion in February 2022. This shift has been beneficial for India, allowing it to navigate the complexities of the global oil market effectively.
The Indian government has consistently rejected US claims that its actions are unjustified, asserting that the country will continue to procure oil that meets its economic needs. Public sector refiners have stated that they are free to make purchasing decisions based on market conditions without governmental directives. This independence reflects India’s commitment to strategic autonomy in its foreign policy, particularly in maintaining relations with Russia.
As India continues to balance its energy needs with geopolitical considerations, the ongoing situation will be crucial in determining the future trajectory of its oil imports. While the US may seek to exert influence, India’s focus remains on securing energy supplies that support its economic stability and growth.
